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Income Tax - Highlights / Catch Notes

Home Highlights May 2022 Year 2022 This

TP Adjustment - MAP Settlement - the provisions of the amended ...


Amended Rule 44G(5) prevents income decrease or loss increase during MAP due to Indian tax authority actions.

May 24, 2022

Case Laws     Income Tax     HC

TP Adjustment - MAP Settlement - the provisions of the amended Rule 44G(5) stipulate that there shall not be a decrease in the income or increase in the loss of an assessee in the return of income of a given year, if the MAP is invoked on account of action taken by any income tax authority in India. - The petitioner in this case, for the reasons discussed and the provisions of amended Rule 44G(5), would be entitled to seek precedence to the MAP Settlement. This is also so because of article 27(2) of the DTAA - HC

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